Foreign remittances further declined – dollar crisis mounts

Date:

Foreign remittances have reportedly declined by US$ 1600 million in comparison of the values of 2020 and 2021.

Sri Lankans living overseas have remitted US$ 7,100 million in 2020, but only US$ 5,400 million in 2021.

Sri Lanka received US$ 812 million in December, 2020 but the figure dropped to US$ 325 million in December, 2021.

Nevertheless, dollar inflows indicate a slight rise in December compared to November last year.

The Central Bank of Sri Lanka (CBSL) also decided to set an allowance of Rs. 10 per dollar to encourage Sri Lankans abroad to remit monies. Despite the CBSL’s campaigning on the offer, no significant improvement has seemingly been made.

Recent reports also claimed that Sri Lankans living overseas remit dollars through various channels, including brokers, without trusting the banks. The Governor of the CBSL commented that the amount of dollars remitted via such informal channels is only a small percentage, making no effect.

MIAP

Share post:

spot_imgspot_img

Popular

More like this
Related

Iranian missile strike on US Base in Qatar: Pentagon confirms no casualties, UK raises alert for regional forces

Iranian missile strike on US Base in Qatar: Pentagon confirms no casualties, UK raises alert for regional forces

BREAKING! Iran Launches Missile Strike on US Military Base in Qatar Amid Escalating Tensions

BREAKING! Iran Launches Missile Strike on US Military Base in Qatar Amid Escalating Tensions

BREAKING: Iran Launches Missile Strikes on U.S. Bases in Doha, Qatar

By: puli June 23, Colombo (LNW):Iran launched missile strikes Monday on...

Ancient Sri Lankan Sapphire Unearthed in 700-Year-Old Slovakian Bishop’s Ring

By: Staff Writer June 23, Colombo (LNW):The discovery of the ring...